Dubai Developer to Build Suburb

Limitless, a Dubai developer building a desert waterway longer than the Panama Canal, agreed to build a Moscow suburb for 12,000 people with local partner Regional Development & Investment Group.

State-run Limitless signed an agreement with RDI to build 4,500 houses and apartments, plus schools and shops about 24 kilometers northwest of the city, the companies said in a joint statement last week.

The project will start next year and take seven years to complete.

Limitless, a unit of Dubai World, is spending more than $100 billion in five countries to replicate large-scale Dubai developments overseas.

A spokeswoman said the venture would be owned equally by the two partners, declining to comment on project's cost.